International Journal of Scientific and Research Publications, Volume 6, Issue 12, December 2016
ISSN 2250-3153
Role of Depositories in Indian Capital Market
A Comparative Study between NSDL and CDSL
Mr.B.Hari Babu*, Prof.B.K.Surya Prakasha Rao**, Dr.B.Srinivasa Rao***
* Assistant Professor, Department of Business Management, VR Siddhartha Engineering College, Vijayawada, Andhra Pradesh,
India.
** Professor & Head, Department of Management Sciences, RVR & JC College of Engineering, Guntur, Andhra Pradesh, India.
*** Associate Professor, Department of Mathematics and Humanities, RVR & JC College of Engineering, Guntur, Andhra
Pradesh, India.
Abstract: A Depository is an organization where the
securities of share holders are held in the electronic format
the request of the share holder through the medium of a
depository participant. A depository interfaces with its
investors through its agents called Depository Participants
(DPs). The main objective of a depository is to reduce
settlement risk by minimizing the paperwork involved in
trading, settlement and transfer of securities. At present the
two Depository Organisations are working in India -
National Securities Depository Limited (NSDL) and Central
Depository Services (India) Limited (CDSL). The present
study is an attempt to know the role and growth of NSDL
and CDSL in Indian Capital Market for 16 years i.e. period
ending 31st March 2001 to March 2016. On the basis of
results, it is concluded that number of beneficiary accounts,
number of companies available for DEMAT, number of
depository participants, number of depository participants
service centers, Quantity of DEMAT Shares/Securities (No.
of Dematerialized Securities) and DEMAT Custody in
NSDL & CDSL (Value of Dematerialized Securities).
Keywords: National Securities Depository Limited
(NSDL), Central Depository Services (India) Limited
(CDSL), Dematerialization, Indian Capital Market,
Depository, Depository Participants (DPs).
I. INTRODUCTION
The economic development of any country depends
upon the existence of a well organized financial system. It is
the financial system which supplies the necessary financial
inputs for the production of goods and services which in turn
promote the well being and standard of living of the people
of a country. An efficient functioning of the financial system
facilities the free flow of funds to more productive activities
and thus promotes investment. Thus, the financial system
provides the intermediation between savers and investors
and promotes faster economic development. The financial
market exists to facilitate sale and purchase of financial
instruments and comprises of two major markets namely the
capital Market and the money market. The capital market
mainly deals in medium and long term investments
(maturity more than a year) while the money market deals in
short- term investments (maturity up to a year).
Capital market can be divided into two segments
viz., primary and secondary. The primary market is mainly
used by issuers for raising fresh capital from the investors by
135
making initial public offers or rights issues or offers for sale
of equity or debt. The secondary market provides liquidity to
these instruments through trading and settlement on the
stock exchanges. Capital market is, thus important for
raising funds for capital formation and investments and
forms a very vital link for economic development of any
country. The capital market provides a means for issuers to
raise capital from investors. (Who have surplus money
available from savings for investments). Thus savings
normally flow from household sector to business or
government sectors that normally invest more than they
save.
The first depository in the world was set up way
back in 1947 in Germany. Then the total number of
depositories in the world was 22 only and the number had
crossed 250 by the end of 2004 and 310 by the end of 2014.
The move on depository in India was initiated by the Stock
Holding Corporation of India Limited (SHCIL) in July 1992
when it prepared a concept paper on National Clearance
and Depository System in collaboration with Price
Waterhouse under a programme sponsored by the U.S.
Agency for International Development. Thereafter, the
Government of India constituted a Technical Group under
the Chairmanship of Shri R. Chandrashekharan, Managing
Director, SHCIL, which submitted its Report in December,
1993. The Securities and Exchange Board of India (SEBI)
constituted a seven member action squad subsequently to
discuss the various structural and operational parameters of
Depository System. Considering the various problems and
issues, the Government of India promulgated the
Depositories Ordinance in September 1995, thus paving the
way for setting up of depositories in the country. The
Depositories Act was passed by the Parliament in August
1996, which lays down the legislative framework for
facilitating the dematerialisation and book entry transfer of
securities in a depository. The Act provides that a
depository, which is required to be a company under the
Companies Act 1956, and depository participants (i.e. agents
of the depository) need to be registered with SEBI. The
Depository shall carry out the dematerialisation of securities
and the transfer of beneficial ownership through electronic
book entry. The investors, however, have the option to hold
securities in physical or dematerialised form, or to
rematerialise securities previously held in dematerialised
form. The Depository Related Laws (Amendment)
Ordinance, 1997 issued in January 1997 enabled units of
mutual funds and UTI, securities of statutory corporations
and public corporations to be dealt through depositories.
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International Journal of Scientific and Research Publications, Volume 6, Issue 12, December 2016
ISSN 2250-3153
Objectives of the Study:
1. To know the role of NSDL and CDSL in Indian
Capital Market.
2. To know the growth of NSDL and CDSL in Indian
Capital Market for 16 years i.e. period ending 31st
March 2001 to 31st March 2016
3. To know the features of depository system in India
Research Design and Methodology:
(i) Research Design
Research Design of the study is analytical
(ii) Methodology
The basis of present analysis is comparison of data between
NSDL and CDSL on yearly (financial year) basis.
Data Collection and Analysis
The study is based upon secondary data collected from
various websites i.e. NSDL, SEBI, CDSL, NSE and Official
publications, annual reports of NSDL and CDSL and
research articles published in journals for a period of 16
years i.e. from 31st March 2001 to 31st March 2016.
II. ROLE OF NSDL AND CDSL IN INDIAN CAPITAL
MARKET
A. NSDL
NSDL carries out its activities through service
providers such as depository participants (DPs), issuing
companies and their registrars and share transfer agents and
clearing corporations/ clearing houses of stock exchanges.
These entities are NSDL's business partners and are
integrated in to the NSDL depository system to provide
various services to investors and clearing members. The
investor can get depository services through NSDL's
depository participants.
NSDL was registered by the SEBI on June 7, 1996
as Indias first depository to facilitate trading and settlement
of securities in the dematerialized form. The NSDL is
promoted by IDBI, UTI and NSE to provide electronic
depository facilities for securities traded in the equity and
debt markets in the country. NSDL has been set up to cater
to the demanding needs of the Indian capital markets. In the
first phase of operations, NSDL will dematerialize scrips
and replace them with electronic entries. This depository
promoted by institutions of national stature responsible for
economic development of the country has since established
a national infrastructure of international standard that
handles most of the trading and settlement in dematerialised
form in Indian capital market. The Depositories Act also
provides for multiple depository system. Using innovative
and flexible technology systems, NSDL works to support
the investors and brokers in the capital market of the
country.
NSDL provides numerous direct and indirect benefits like:
Elimination of bad deliveries
Elimination of all risks associated with physical
certificates
No stamp duty
Immediate transfer and registration of securities
Faster settlement cycle
Faster disbursement of non cash corporate benefits
like rights, bonus, etc.
Reduction in brokerage by many brokers for
trading in dematerialized securities
Reduction in handling of huge volumes of paper
Periodic status reports
136
Elimination of problems related to change of
address of investor
Elimination of problems related to transmission of
demat shares
Elimination of problems related to selling securities
on behalf of a minor
Ease in portfolio monitoring
B. CDSL
CDSL was promoted by BSE Ltd. jointly with
leading banks such as State Bank of India, Bank of India,
Bank of Baroda, HDFC Bank, Standard Chartered Bank and
Union Bank of India.
CDSL was set up with the objective of providing
convenient, dependable and secure depository services at
affordable cost to all market participants.
The balances in the investors account recorded and
maintained with CDSL can be obtained through the DP. The
DP is required to provide the investor, at regular intervals, a
statement of account which gives the details of the securities
holdings and transactions. The depository system has
effectively eliminated paper-based certificates which were
prone to be fake, forged, counterfeit resulting in bad
deliveries. CDSL offers an efficient and instantaneous
transfer of securities.
CDSL was promoted by BSE Ltd. in association
with Bank of India, Bank of Baroda, State Bank of India and
HDFC Bank. BSE Ltd. has been involved with this venture
right from the inception and has contributed
overwhelmingly to the fruition of the project. The initial
capital of the company is 104.50 crores (INR). The list of
shareholders with effect from 5th July, 2010 is as under.
Role of CDSL in Indian Depository System are as follows:
Maintenance of individual investors beneficial
holdings in an electronic form
Dematerialization and re-materialization of
securities
Account transfer for settlement of trades in
electronic shares
Allotments in the electronic form in case of initial
public offerings
Distribution of non-cash corporate actions
Facility for freezing/locking of investor accounts
Facility for pledge and hypothecation of securities
III. KEY FEATURES OF THE DEPOSITORY
SYSTEM IN INDIA
1. Multi-Depository System: The depository model
adopted in India provides for a competitive multi-depository
system. There can be various entities providing depository
services. A depository should be a company formed under
the Company Act, 1956 and should have been granted a
certificate of registration under the Securities and Exchange
Board of India Act, 1992. Presently, there are two
depositories registered with SEBI, namely:
National Securities Depository Limited (NSDL),
and
Central Depository Service Limited (CDSL)
2. Depository services through depository participants:
The depositories can provide their services to investors
through their agents called depository participants. These
agents are appointed subject to the conditions prescribed
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International Journal of Scientific and Research Publications, Volume 6, Issue 12, December 2016
ISSN 2250-3153
under Securities and Exchange Board of India (Depositories
and Participants) Regulations, 1996 and other applicable
conditions.
3. Dematerialisation: The model adopted in India provides
for dematerialization of securities. This is a significant step
in the direction of achieving a completely paper-free
securities market. Dematerialization is a process by which
physical certificates of an investor are converted into
electronic form and credited to the account of the depository
participant.
4. Fungibility: The securities held in dematerialized form
do not bear any notable feature like distinctive number, folio
number or certificate number. Once shares get
dematerialized, they lose their identity in terms of share
certificate, distinctive numbers and folio numbers. Thus all
securities in the same class are identical and
interchangeable. For example, all equity shares in the class
of fully paid up shares are interchangeable.
5. Registered Owner/ Beneficial Owner: In the depository
system, the ownership of securities dematerialized is
bifurcated between Registered Owner and Beneficial
Owner. According to the Depositories Act, Registered
Owner means a depository whose name is entered as such
137
in the register of the issuer. A Beneficial Owner means a
person whose name is recorded as such with the depository.
Though the securities are registered in the name of the
depository actually holding them, the rights, benefits and
liabilities in respect of the securities held by the depository
remain with the beneficial owner. For the securities
dematerialized, NSDL/CDSL is the Registered Owner in the
books of the issuer; but ownership rights and liabilities rest
with Beneficial Owner. All the rights, duties and liabilities
underlying the security are on the beneficial owner of the
security.
6. Free Transferability of shares: Transfer of shares held
in dematerialized form takes place freely through electronic
book-entry system.
IV. GROWTH AND COMPARISON OF NSDL &
CDSL
The below tables show that, the growth and
development of de-materialization with reference to NSDL
& CDSL period ending 31st March 2001 to March 2016
under the study.

Table I: Beneficiary Accounts Growth in NSDL & CDSL during March 2001 to 2016

Year NSDL NSDL CDSL CDSL

(As on 31st Accounts Annual Growth Accounts Annual Growth
March) in Lakhs Rate (%) in Lakhs Rate (%)
2001 37.48 - 0.76 --
2002 37.18 (0.80) 1.28 68.42
2003 37.95 2.07 2.47 92.97
2004 52.03 37.10 6.29 154.66
2005 63.00 21.08 10.11 59.21
2006 75.60 20.00 15.51 53.41
2007 79.03 4.54 23.68 52.68
2008 93.72 18.59 47.98 102.62
2009 96.85 3.34 55.27 15.19
2010 105.85 9.29 65.86 19.16
2011 115.44 9.06 74.79 13.56
2012 120.48 4.37 79.17 5.86
2013 126.88 5.31 83.27 5.18
2014 130.57 2.91 87.77 5.40
2015 137.08 4.99 96.10 9.49
2016 145.66 6.26 100.08 4.14
Average Annual Growth Rate 9.87 44.23
Source: Monthly Updates and Annual Reports of NSDL and CDSL

Table I shows that the beneficiary accounts growth in NSDL
and CDSL period ending March 2001 to March 2016. The
beneficiary accounts of NSDL continuously increased from
37.48 lakhs accounts to 145.66 lakhs accounts except a
marginal decrease in the year 2002. The percentage of
growth was high in 2004 at 37.10% and lowest at (0.80%) in
2002. The average annual growth in accounts in NSDL
during 2001 to 2016 is 9.87%. The beneficiary accounts of
CDSL also continuously increased from 0.76 lakhs accounts
to 100.08 lakhs accounts. The percentage of growth was
high in 2004 at 154.66% and lowest at 4.14% in 2016. The
average annual growth in accounts in CDSL during 2001 to
2016 is 44.23%. The average annual growth rate of CDSL is
higher than the NSDL. But during 2004 the number of client
accounts recorded a sudden jump in the opening of accounts
in both NSDL and CDSL due to substantial rise in the prices
of shares. Thus it may be concluded that with the
familiarisation and compulsorisation of the demat system;
the number of clients has recorded tremendous increase over
the entire period of study.

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Table II: Companies Available for DEMAT in NSDL & CDSL during March 2001 to 2016

CDSL
Year NSDL NSDL CDSL
(No. of
(As on 31st (No. of Annual Growth Annual Growth
Companies)
March) Companies) Rate (%) Rate (%)
2001 2786 - 2789 --
2002 4172 49.75 4296 54.03
2003 4761 14.12 4628 7.73
2004 5212 9.47 4720 1.99
2005 5536 6.22 5068 7.37
2006 6022 8.78 4819 (4.91)
2007 6483 7.66 5135 6.56
2008 7354 13.44 5969 16.24
2009 7801 6.08 6233 4.42
2010 8124 4.14 7049 13.09
2011 8842 8.84 8265 17.25
2012 9741 10.17 9983 20.79
2013 10843 11.31 11030 10.49
2014 12210 12.61 12765 15.73
2015 13992 14.59 9069 (28.95)
2016 15605 11.53 9658 6.49
Average Annual Growth Rate 12.58 9.89
Source: Monthly Updates and Annual Reports of NSDL and CDSL

Table II reveals that companies available for DEMAT in
NSDL and CDSL period ending March 2001 to March 2016.
Companies available for DEMAT in NSDL continuously
increased from 2786 to 15605. The percentage of growth
was high in 2002 at 49.75% and lowest at 4.14% in 2010.
The average annual growth in NSDL during 2001 to 2016 is
12.58%. Companies available for DEMAT in CDSL also
continuously increased from 2789 to 12765 except in the
financial years 2006 and 2015. The percentage of growth
was high in 2002 at 54.03% and lowest at (28.95%) in 2015.
The average annual growth in CDSL during 2001 to 2016 is
9.89%. The average annual growth rate of NSDL is higher
than the CDSL. But during 2002 the companies available for
DEMAT recorded a sudden jump in both NSDL and CDSL.

Table III: Depository Participants Growth in NSDL & CDSL during March 2001 to 2016

Year NSDL CDSL

NSDL CDSL
(As on 31st Annual Growth Annual Growth
(No. of DPs) (No. of DPs)
March) Rate (%) Rate (%)
2001 186 - 158 --
2002 212 13.98 161 1.90
2003 213 0.47 191 18.63
2004 214 0.47 211 10.47
2005 216 0.93 271 28.44
2006 223 3.24 322 18.82
2007 240 7.62 365 13.35
2008 251 4.58 423 15.89
2009 275 9.56 471 11.35
2010 286 4.00 506 7.43
2011 293 2.45 546 7.91
2012 283 (3.41) 568 4.03
2013 282 (0.35) 579 1.94
2014 278 (1.42) 578 (0.17)
2015 273 (1.80) 574 (0.69)
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International Journal of Scientific and Research Publications, Volume 6, Issue 12, December 2016 139
ISSN 2250-3153
2016 270 (1.10) 583 1.57
Average Annual Growth Rate 2.62 9.39
Source: Monthly Updates and Annual Reports of NSDL and CDSL

Table III shows that Depository Participants growth in
NSDL and CDSL period ending March 2001 to March 2016.
Depository Participants in NSDL continuously increased
from 186 in 2001 to 293 in 2011 and thereafter the number
of depository participants were decreased continuously from
the year 2012 to 2016 and reached to 270 participants. The
percentage of growth was high in 2002 at 13.98% and
lowest at (3.41%) in 2012. The average annual growth in
NSDL during 2001 to 2016 is 2.62%. Depository
Participants in CDSL also continuously increased from 158
in 2001 to 583 in 2016 except a very marginal decrease in the
years 2014 and 2015. The percentage of growth was high in
2005 at 28.44% and lowest at (0.69%) in 2015. The average
annual growth in CDSL during 2001 to 2016 is 9.39%. The
average annual growth rate of CDSL is higher than the
NSDL.

Table IV: DP Service Centres Growth with NSDL & CDSL during March 2001 to 2016

NSDL CDSL
Year NSDL CDSL
(No. of DP Service (No. of DP Service
(As on 31st Annual Growth Annual
Centres) Centres)
March) Rate (%) Growth Rate (%)
2001 1896 - 132 --
2002 1648 (13.08) 346 162.12
2003 1718 4.25 414 19.65
2004 1719 0.06 441 6.52
2005 2819 63.99 532 20.63
2006 3017 7.02 586 10.15
2007 5599 85.58 634 8.19
2008 7204 28.67 6000 846.37
2009 8777 21.84 6000 0.00
2010 11170 27.26 6000 0.00
2011 12767 14.30 9200 53.33
2012 14033 9.92 10600 15.22
2013 14641 4.33 12500 17.92
2014 14444 (1.35) 11381 (8.95)
2015 15960 10.50 11000 (3.35)
2016 26765 67.70 16500 50.00
Average Annual Growth Rate 22.07 79.85
Source: Monthly Updates and Annual Reports of NSDL and CDSL

Table IV reveals that DP service centres growth in NSDL
and CDSL period ending March 2001 to March 2016. DP
service centres in NSDL continuously increased from 1896
to 26765 except a sudden decrease in the year 2002 and a
marginal decrease in 2014. The percentage of growth was
high in 2007 at 85.58% and lowest at (13.08)% in 2002. The
average annual growth in NSDL during 2001 to 2016 is
22.07%. DP service centres in CDSL also continuously
increased from 132 to 16500 except in the financial years
2014 and 2015. The percentage of growth was high in 2008
at 846.37% and lowest at (8.95%) in 2014. The average
annual growth in CDSL during 2001 to 2016 is 79.85%. The
average annual growth rate of CDSL is higher than the
NSDL.

Table V: Quantity of DEMAT Shares/Securities (No. of Dematerialized Securities) in NSDL & CDSL during March 2001
to 2016
Year NSDL CDSL
NSDL CDSL
(As on 31st Annual Growth Annual Growth
In Billions In Billions
March) Rate (%) Rate (%)
2001 37.21 - 1.89 --
2002 51.67 38.86 4.82 155.03
2003 68.76 33.08 8.21 70.33
2004 83.69 21.71 14.01 70.65
2005 128.66 53.73 19.08 36.19
2006 174.72 35.80 26.9 40.99

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2007 202.70 16.01 32.01 19.00
2008 236.90 16.87 52.8 64.95
2009 282.87 19.40 70.47 33.47
2010 351.14 24.13 78.56 11.48
2011 471.30 34.22 110.41 40.54
2012 579.80 23.02 137.66 24.68
2013 686.48 18.40 151.81 10.28
2014 795.50 15.88 177.31 16.80
2015 927.36 16.58 206.01 16.19
2016 1100.20 18.64 227.55 10.46
Average Annual Growth Rate 25.76 41.40
Source: Monthly Updates and Annual Reports of NSDL and CDSL

Table V shows that Quantity of DEMAT Shares/Securities
(No. of Dematerialized Securities) in NSDL and CDSL
period ending 31st March 2001 to March 2016. No. of
Dematerialized Securities in NSDL continuously increased
from 37.21 billion to 1100.20 billion. The percentage of
growth was high in 2005 at 53.73% and lowest at 15.88% in
2014. The average annual growth in NSDL during 2001 to
2016 is 25.76%. No. of Dematerialized Securities in CDSL
also continuously increased from 1.89 billion to 227.55
billion. The percentage of growth was high in 2002 at
155.03% and lowest at 10.28% in 2013. The average annual
growth in CDSL during 2001 to 2016 is 41.40%. The
average annual growth rate of CDSL is higher than the
NSDL.

Table VI: DEMAT Custody in NSDL & CDSL (Value of Dematerialized Securities) during March 2001 to 2016
Year NSDL CDSL
NSDL CDSL
(As on 31st Annual Growth Annual Growth
Rs. in Billions Rs. in Billions
March) Rate (%) Rate (%)
2001 3262 - 127.36 --
2002 4426 35.68 243.37 91.09
2003 5513 24.56 361.64 48.60
2004 9662 75.26 1039.01 187.31
2005 14477 49.83 1209.59 16.42
2006 24789 71.23 2322.41 92.00
2007 31426 26.77 3150.39 35.65
2008 43770 39.28 6864.65 117.90
2009 31066 (29.02) 5201.48 (24.23)
2010 56178 80.83 8579.21 64.94
2011 66079 17.62 11645.81 35.74
2012 71323 7.94 10150.31 (12.84)
2013 76790.27 7.67 9869.24 (2.77)
2014 89398.76 16.42 10876.03 10.20
2015 117483.15 31.41 13942.64 28.20
2016 117157 (0.28) 13267.97 (4.84)
Average Annual Growth Rate 30.25 45.56
Source: Monthly Updates and Annual Reports of NSDL and CDSL

Table VI shows that DEMAT Custody in NSDL and CDSL
(Value of Dematerialized Securities) period ending 31st
March 2001 to March 2016. Value of Dematerialized
Securities in NSDL continuously increased from Rs. 3262
billion to Rs. 117157 billion except in the financial years
2009 and 2016. The percentage of growth was high in 2010
at 80.83% and lowest at (29.02%) in 2009. The average
annual growth in NSDL during 2001 to 2016 is 30.25%.
Value of Dematerialized Securities in CDSL also
continuously increased from Rs. 127.36 billion to Rs.
13942.64 billion except in the years 2009, 2012, 2013 and
2016. The percentage of growth was high in 2004 at
187.31% and lowest at (24.23%) in 2009. The average
annual growth in CDSL during 2001 to 2016 is 45.56%. The
average annual growth rate of CDSL is higher than the
NSDL.
V. CONCLUSION
To sum up, there is a sizable increase in terms of
number of beneficiary accounts, number of companies
available for DEMAT, number of depository participants,
number of depository participants service centers, Quantity
of DEMAT Shares/Securities (No. of Dematerialized
Securities) and DEMAT Custody in NSDL & CDSL (Value
of Dematerialized Securities). Positive annual average
growth rate shows the growth of Indian Capital Market.
REFERENCES

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International Journal of Scientific and Research Publications, Volume 6, Issue 12, December 2016 141
ISSN 2250-3153
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AUTHORS
First Author: Mr.B.Hari Babu, MBA, Assistant Professor,
Department of Business Management, VR Siddhartha
Engineering College, Vijayawada, Andhra Pradesh, India.
Email: bathinihari@gmail.com

Second Author: Prof.B.K.Surya Prakasha Rao, MBA,

M.Com, M.Phil, PhD, Professor & Head, Department of
Management Sciences, RVR & JC College of Engineering,
Guntur, Andhra Pradesh, India.
Email: bkspr_rvrjc@yahoo.com

Third Author: Dr.B.Srinivasa Rao, M.Sc, M.Phil, PhD,

Associate Professor, Department of Mathematics and
Humanities, RVR & JC College of Engineering, Guntur,
Andhra Pradesh, India.
Email: boyapatisrinu@yahoo.com

Correspondence Author: Mr.B.Hari Babu, MBA, Assistant

Professor, Department of Business Management, VR
Siddhartha Engineering College, Vijayawada, Andhra
Pradesh, India.
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